Work is a huge part of our lives and it’s important to that we enjoy what we do. Therefore, it’s no surprise that people who dislike their job, or feel unsatisfied with what they’re doing, won’t stick around for long. As such, working to improve staff retention rates and keeping talented team members on board should always be a business priority.
Not only does low staff turnover mean less time and money spent on recruitment; it also helps to build a strong employer brand. So, how can you improve employee retention and set your business apart from your competitors?
A big part of this is understanding of why recruits leave in the first place. We got to the bottom of this by asking professionals what they dislike most about their jobs; and what would cause them to look elsewhere.
Below, we explored the findings in detail, outlining five ways you can improve staff retention rates.
1. Communicate effectively
Communication is important in any business; and it’s clear that employees favour an open and honest working environment. In fact, our research shows that bad management (47.3%) and poor company culture (32.4%) are two of the main reasons professionals dislike their current jobs.
Clear communication is essential in the workplace; especially if you want to build trust and ensure you have a positive company culture. Managers play an important part of this and businesses should equip them with the resources they need to deal with any issues effectively.
Not only will this help staff feel supported in their role, it can also improve staff retention rates. This is because employees appreciate feeling listened to by their managers and will ultimately feel happier in their job.
2. Encourage a strong work-life balance
Poor work-life balance can lead to stress and burnout. In fact, one in five workers (20.3%) say that being too stressed makes them dislike their job. It’s important to consider your employees’ wellbeing and across your business.
But how can you do this? Well, insisting that employees take their full lunch break and leave the office at a reasonable time is a good start. Not only does it benefit your staff, it also increases their productivity when they’re in the office too.
Forcing team members to stay late or work through lunch definitely won’t improve staff retention rates. If employees can de-stress, switch off from work and enjoy their private life; they’re much more likely to stay in their role and be loyal to your business.
3. Offer development opportunities
No one wants to feel like they’re stuck in a rut; and our data clearly shows that career progression is a key priority for professionals. In fact, nearly a third (31.2%) admit that they struggle with a lack of opportunities in their current role.
As an employer, you should take the lead on this, right from day one. Work with your employees to lay out a clear career development path; and catch up with them on a regular basis to check progress.
This can help to improve staff retention as you’ll ensure you’re giving your team members additional responsibilities as they develop. As a result, they’ll feel confident that they can advance in the business; and make a difference within your organisation.
4. Praise and reward
Our survey reveals that nearly a third (30.5%) of workers have left a job because of a lack of praise from their employer. Therefore, recognising hard work and showing your staff that you appreciate their efforts is vital to improve retention rates in your company.
One way to do this is to implement a monthly incentive scheme. For example, this could include crowning a ‘team member of the month’, where a small prize is given to the deserving winner. This will boost morale and make staff feel appreciated.
Another option is to give bonuses or promotions to those who have done exceptional work. Whatever you decide to do, there’s no doubt that it will help to retain talented staff.
5. Offer fair packages
A third of professionals (33.3%) disliked their current job because they feel they aren’t paid enough for the effort they put in. In order to combat this problem and improve staff retention, it’s important that you’re rewarding employees with the best possible packages.
To do this, make sure you’re keeping up with average pay in your industry; if what you’re offering doesn’t meet this then your employees may go looking elsewhere. But don’t worry if you can’t offer the most competitive salary, there are other perks and benefits that you might be able to provide.
For example, including features such as flexible working; and company social events in your package will go some way toward helping you create a competitive job offer.
These changes will also create a great company culture, as well as boosting your employer brand. Both are integral to the success of your business and will massively improve retention.
Improve staff retention in your company
Overall, there are several ways in which you can prevent a high staff turnover. The first step is to create a friendly and open culture, as well as supporting your staff in their career. This could be in the form of new training, or by talking through their development.
Employees can make or break a business. They play a crucial role in its success, so treating your staff well; and looking out for their best interests is the only way to ensure they don’t begin looking elsewhere for a better opportunity.
Article courtesy of CV Library